Bad news in the EV world, as Vectrix Motorcycles has filed for bankruptcy…again. Unlike its previous bankruptcy though, this time around Vectrix is filing under Chapter 7 of the US Code, meaning that the company will not be restructuring and keeping its business, but instead liquidating all of its assets and ceasing operation.
We had been hearing rumors as far back as October of last year that all was not well at the prominent electric vehicle company, and finally in December 2013 things came to a head, with Vectrix closing its doors on its US operations.
Filing for bankruptcy now, Vectrix reportedly has outstanding liabilities ranging from $10 million to $50 million, while it only has assets values between $1 million and $1o million.
Long-time Asphalt & Rubber readers might remember that Vectrix filed for Chapter 11 bankruptcy in 2009, where the company was reorganized by battery supplier Gold Peak.
However with the Chinese firm failing to get momentum in the US with Vectrix, the decision was made to close the doors on all work in the United States, effective December 31st, 2013.
Vectrix still has its lucrative contract with Daimler’s SMART car division though, and the bankruptcy in the US will not affect that partnership, with Vectrix continuing to maintain its fabrication operations in Poland for that joint-venture.
The news is still a bit of blow to the two-wheeled EV market, as Vectrix is perhaps the largest-volume seller to date of electric motorcycles and scooters, despite the fact that company has been relative irrelevant in the market the past few years.